Project-Syndicate’s Michael Spence: Are Equities Overvalued?

Are Equities Overvalued? by Michael Spence, Project-Syndicate.org MILAN – Since the global economic crisis, sharp divergences in economic performance have contributed to considerable stock-market volatility. Now, equity prices are reaching relatively high levels by conventional measures – and investors are starting to get nervous. The question is whether stock valuations are excessive relative to future earnings…